HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (Apr.7)- Pacemaker VBP, FDA Changes Game Rule, Industry Beta Vs Fundamentals

Shanghai Chicmax Cosmetic (2145.HK) - Start to Enter a Vicious Cycle

China Healthcare Weekly (Apr.14)- Surgical Robot VBP, Only 5 Biotech to Stand Out, Jafron Biomedical

Sino Biopharmaceutical (1177.HK) - Three “Golden Eggs” and the Risks Behind

China Healthcare - A Pair Trade: Long Sino Biopharm (1177.HK), Short Hengrui Medicine (600276.CH)

ClouDr Group (9955.HK) -  “A Dark Horse” to Beat JD Health

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>Sino Biopharm’s 2022 performance isn't satisfactory, but the Company is gradually getting rid of the negative influence of VBP. We expect Sino Biopharm to achieve faster performance recovery than Hengrui.</li>
<li>Most of Sino Biopharm’s innovative drugs are biosimilars and Me-Too products, which will face fierce competition once approved for listing. The revenue target of HK$100 billion by 2030 looks challenging. </li>
<li>Corporate governance deficiencies and lack of the next big variety are the reasons why the market is reluctant to offer high valuation. The new CEO needs time to prove his ability. </li>
</ul>


Sino Biopharm’s 2022 performance isn't satisfactory, but the Company is gradually getting rid of the negative influence of VBP. We expect Sino Biopharm to achieve faster performance recovery than Hengrui.
Most of Sino Biopharm’s innovative drugs are biosimilars and Me-Too products, which will face fierce competition once approved for listing. The revenue target of HK$100 billion by 2030 looks challenging. 
Corporate governance deficiencies and lack of the next big variety are the reasons why the market is reluctant to offer high valuation. The new CEO needs time to prove his ability. 


Sino Biopharmaceutical (1177.HK) - The Positives and the Negatives